Modell’s Sporting Goods to close all stores after filing for bankruptcy

Updated Mar 12, 2020; Posted Mar 11, 2020

There are over 30 Modell’s stores in New Jersey, according to the company’s website, and more than 140 locations nationwide. (Michael Mancuso | NJ Advance Media for NJ.com) TT Michael Mancuso | For NJ.com

Mitchell Modell, the company’s chief executive officer, cited a challenging retail environment as the reason for the closures and bankruptcy.

“Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations," Modell said in the statement. "While we achieved some success, in partnership with our landlords and vendors, it was not enough to avoid a bankruptcy filing amid an extremely challenging environment for retailers.”

The Chapter 11 bankruptcy petition was filed in New Jersey.

During the bankruptcy process, Modell’s will initiate store-closing liquidation sales in all stores, the statement said, while continuing online sales. Modell’s is seeking to potentially sell some or all of its assets or an equity investment.